Will current elevated levels be sustained? Not likely. Post Covid-19, secular factors such as debt levels and demographics provide even stronger headwinds against inflation than the preceding decade ever did. In developed economies such as the United States and Australia, Consumer Prices averaged circa 2.00-2.25% this century. Current market inflation expectations for the next 10 years suggest CPI of 2.5%. That’s price stability, not inflation. Central Banks have created some room to allow inflation to run a little higher than traditional targets, but their aims are the same. In ...